Scottish Widows removes early exit fees

Applies to all pension policies

Carmen Reichman
clock • 1 min read

Scottish Widows has removed its early exit charges on all personal pension policies, including workplace pensions.

The move will enable clients to switch products or providers free of charge before the end of their policy. It follows the announcement of a 1% cap on early exit charges by the Financial Conduct Authority last May to allow people to make better use of pension freedoms. The cap will affect personal and stakeholder pensions - both individual and workplace - as well as self-invested personal pensions, for those over the age of 55. Scottish Widows' blanket ban will take effect before 31 March, when the regulator's cap comes into force. The group's retirement expert David Lascelles s...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

DWP publishes state pension age communications action plan

DWP publishes state pension age communications action plan

Government confirms plan to develop strategy with ‘timely’ and ‘modern’ communications

Martin Richmond
clock 25 June 2026 • 4 min read
Ros Altmann: A pensions manifesto for the new prime minister

Ros Altmann: A pensions manifesto for the new prime minister

Ros Altmann says pension funds could be a 'silver bullet' to revive UK growth

Baroness Ros Altmann
clock 25 June 2026 • 6 min read
Scottish Widows launches pension tracing tool

Scottish Widows launches pension tracing tool

Some 3.3 million pension pots are 'lost' in the UK

Holly Roach
clock 24 June 2026 • 1 min read